GalaChain Suspends Cross-Chain Bridge After $2.9M Security Incident, 82% of Affected Funds from CEO-Linked Wallet

August 21 news, according to crypto journalist Kate Irwin, GalaChain experienced an abnormal asset outflow event on Tuesday, with 1.99 billion GALA (approximately $2.9 million) and other tokens transferred from 5 main addresses to a new wallet, with GALA being cross-chain swapped into ETH within about one hour. Approximately 82% (1.639 billion GALA) of the affected funds came from a wallet linked to Gala CEO and co-founder Eric Schiermeyer, which also saw outflows of approximately $500,000 in other tokens. Hours after the incident, Gala developers submitted a fix on GitHub, characterizing it as an unsigned field injection vulnerability in GalaChain's EIP-712.